LONDON, June 9, 2010 (GLOBE NEWSWIRE) -- Grid Petroleum Corp. (OTCBB:GRPR), with its exploration and development program ongoing, has taken the opportunity to review its position in the energy sector in the light of recent developments in the energy exploration and production industry.
The outfall from the oil leak in the US Gulf has brought about new perspectives on the U.S. desire to become less dependent on imported oil, currently in excess of 65% of its energy needs, with onshore natural gas exploration and development coming under the spotlight. President Obama has stated "The time has come, once and for all, for this nation to fully embrace a clean energy future," and that greater reliance on natural gas should be sought. Allied with this, billionaire T Boon Pickens has been crusading for a number of years to promote alternatives to oil, particularly pushing onshore exploration for natural gas and also its use for road transportation.
The greatest potential supply of this resource resides in the U.S., with underground deposits stretching from East to West. By its nature, natural gas is a cleaner energy source, producing approximately one third the amount of carbon dioxide as gasoline, and just a quarter of that compared with coal. Additionally, natural gas is considerably cheaper than oil, currently trading around the $4.80 mark per thousand cubic feet (MCF), a very low figure compared to its high of $13 per MCF in 2008. Some analysts predict, however, that a rise in price will occur in the near future, with a figure of $8 per MCF being achieved by the end of the summer being a strong probability.
Grid Petroleum, having recently acquired approximately 4,000 acres in the SE and W Jonah Field, an area of premium natural gas reserves within the Greater Green River Basin in the Rocky Mountains area of Wyoming, finds itself in an extremely positive position in the current predictions for U.S. energy needs.
The company has already in place a comprehensive work plan for the exploration of the Jonah Prospect, and is currently in discussions with a number of consulting groups, including companies with detailed local knowledge, to provide a fully integrated service to implement these exploration and development plans. Combining this with plans to acquire further natural gas assets locally and elsewhere in the U.S., Grid Petroleum looks to a strong and progressive growth in what is now a vital area in securing the future energy needs for the U.S.
Paul Watts, CEO of Grid Petroleum, stated "The review of U.S. Energy Policy precipitated by the recent Gulf oil spill has provided an added incentive for Grid Petroleum to assess its plans for the exploration, development and acquisition of new assets. Analysis of both the environmental and economic benefits of natural gas has further reinforced our policies. We remain committed to our ultimate goal of expanding and developing domestic natural gas reserves, while working towards a strong and sustained growth for the future."
About Grid Petroleum
Grid Petroleum Corp (OTCBB:GRPR) is a London, UK based Independent Oil and Gas Exploration Company, with an operational office in Denver, Colorado. Grid has recently secured assets in Wyoming, neighboring the prolific Jonah Gas Field. For more information, please visit www.gridpetroleum.com%26index=2%26md5=b936eca7843b26c3f3c4ef0f1400ce97">www.gridpetroleum.com.
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Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward-looking statements are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions or that events or conditions "will," "would," "may," "can," "could" or "should" occur. Information concerning gold or other mineral reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present if and when a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of gold or mineral deposits, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of gold or minerals are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on EDGAR of other junior mineral exploration companies with the US Securities and Exchange Commission. This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.